TMS Cardiff Gas, controlled by Greek shipowner George Economou, has returned to South Korea for another LNG carrier order, booking two newbuildings at Samsung Heavy Industries as the owner continues one of the sector's busiest fleet expansion drives.
The yard disclosed a contract worth KRW 750.5bn ($505.6m) for two LNG carriers, putting the price at about $252m per vessel. Delivery is scheduled by the end of June 2029. While Samsung Heavy did not name the buyer, shipbuilding and broking sources have linked the order to TMS Cardiff Gas, which has steadily built up a large forward orderbook spanning LNG carriers, very large gas carriers and ammonia-capable tonnage.
The latest contract adds to four 174,000 cu m LNG carriers already under construction for the owner at Samsung Heavy Industries, with deliveries expected in late 2028. The Greek shipowner has spread its LNG investments across multiple Asian shipbuilders in recent years. Earlier in January, the company was tied to up to six LNG carrier orders at Hudong-Zhonghua Shipbuilding in China, after separate projects also emerged at Hanwha Ocean and HD Hyundai Heavy Industries.
The owner has also moved deeper into the LPG segment. Most recently, TMS Cardiff Gas was linked to a pair of dual-fuel VLGC newbuildings at HD Hyundai for delivery in 2029, adding to its growing gas shipping platform. According to fleet databases, the company currently controls more than 20 gas carriers, while also building a sizeable orderbook that now stretches across LNG carriers, VLGCs and very large ammonia carriers.
Economou's aggressive shipyard strategy aligns with rising global LNG demand. The owner is leveraging a multi-yard network to benefit from price competition while diversifying delivery risk. The latest Samsung Heavy order supports the company's goal to significantly expand its gas shipping fleet through 2029.
Key Takeaways:
1. TMS Cardiff Gas has ordered two LNG carriers worth $505.6m from Samsung Heavy Industries.
2. The vessels will have 174,000 cu m capacity and are scheduled for delivery in June 2029.
3. The company already has four LNG carriers under construction at Samsung Heavy.
4. TMS Cardiff Gas has also placed orders at Hudong-Zhonghua, Hanwha Ocean and HD Hyundai.
5. The owner currently controls more than 20 gas carriers and is expanding its orderbook significantly.
